NGHIEN ciru - TRA 0B61
HOAN THIEN PHAP LUAT VE Gidl HAN DAM BAD AN TOAN TRONG QUAN U HOAT DONG DAU TU C D A NGAN HANG THUONG MAI
pHmTHicmmjHu*
NCUViN THI THANH TU **
NGUYEN NGOC LUONG ***
Tdm tat: Giai hgn hogt dgng ddu tu cua ngdn hang ihrong mgi hien nay dang dugc xem xet. ddnh gid do quy dinh ciia phdp ludt hi^n hdnh chua ro rdng. viec dp dung vd tuan thu phdp lugt con nhiiu ngi dung cdn phdn tich, ddnh gid. Bdi viit ldm rd cdc han chi trong phdp lugt hien hanh lien quan din gidi hgn vi von ddu tu, quy dinh diiu ki^n, cdc logi chimg khodn ddu tu vd hogt dgng uy thdc ddu tu...
Tren ca sd nhimg hgn chi dugc phdn tich, bdi viit dua ra mgt so kiin nghi hodn thi^n phdp lugt vi gidi hgn ddm bdo an todn trong qudn li hogt dgng ddu tu ciia ngdn hdng thuang mgi.
Tic khod: Ngdn hdng thuang mgi; hogt dgng ddu tu; giai hgn
Nhgn bdi: 16/8/2019 Hodn thdnh bien tgp: 05/02/2020 Duyet dang: 20/02/2020 IMPROVING THE LAW ON LIMITS FOR ENSURING THE SECURITY IN INVESTMENT MANAGEMENT OF COMMERCIAL BANKS
Abstract: Investment limits of commercial banks are currently considered and assessed as the current law in this regard is still not clear and many issues have been raised during the course of implementing the law in question. The paper clarifies the limitations of the current law on limits of investment capital, investment conditions, categories of investment securities, investment trust, etc.
Based on those analysed limitations, the paper offers some proposals for improving the law on limits for ensuring the security in investment management of commercial banks.
Keywords: Commercial bank; investment; limit
Received: Aug 1^. 2019; Editing completed: Feb 5'^ 2020; Accepted for publication: Feb 2Cf\ 2020
1. Hogt d§ng d a u t u cua ngan h a n g dyng Gong phgm tni kinh tg va phdp ludt.
t h u o n g mai vd yeu cau phai ct^t r a cdc Xdc djnh ngi hdm khdi nipm ddu tu, da sd bipn p h a p bao d a m an toan cdc nghign ciiu tigp can theo cdch thGc thuc 1.1. Hogt dgng ddu tu cua ngdn hdng hien boat dgng. Cy thg: Khdi niem dau tu thuang mgi theo each hieu phd thdng Id viec "bd nhdn Ddu tu Id thudt ngQ phd biln dugc sG luc, vdt luc, tdi luc vdo cong viec gi, tren ca sd tinh todn hieu qud kinh ti, xd hoi n /,^;"0)
* Gifing vign cao cip, Trirfrng Dai hgc Lu§t HA N^i . A ^•
E-mail: [email protected] Theo tu dign Black Law nam 2014, dau
** Gidng vien, Trirfrng D^i hgc Lu§t Hk Ngi E-mail: [email protected]
** Chuy£n vi6n chfnh, Trung u-ffng Doin TNCS (1). Vi?n ngfin ngiJ hgc. Tit dien tieng Viet, Nxb. Dd Ho Chf Minh; Email: ngocluong782611@gmaiLcom Ndng, 2003, tr. 301.
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tu" (Investment) chi hogt dgng bo chi phi, phi ton di tgo lap nin tdi sdn, gid tri quyin sd hGu nhdm tgo ra Igi nhii^n hogc vdn ddu tu ca bdti P^
Ve m§t phdp li, khodn 5 Dieu 3 Ludt ddu tu ndm 2014 quy djnh: "Ddu tu kinh doanh Id viec nhd ddu tu bo vdn ddu tu di thuc hi^n hogt dgng kinh doanh thong qua viec thdnh lap to chuc kinh ti; ddu tu gop von, mua co phdn, phdn von gop cua to chuc kinh te; ddu tu theo hinh thirc hgp dong hogc thuc hiin du dn ddu tu". Sy khdc biet CO ban cua hogt dOng ddu tu vdi hogt dpng kinh doanh thuang mgi la hogt dOng cd tinh chat tgo lap (bd vdn, tdi san) nhdm hinh thdnh eo sd vdt chdt, ki thugt cung nhu cdc digu kipn khdc dl thyc hien hogt dgng tim kiem Igi nhugn. Hogt dOng ddu tu ciing dugc nhdn dipn vdi Ihdi gian thyc hien thudng ddi hgn.'^'
Nhin chung, npi hdm hogt dgng "ddu tu"
cd phgm vi tuong doi rgng, bao gdm todn bd cdc hogt dgng bd vdn de hinh thanh tdi sdn cua nha ddu tu theo cdc hinh thGc vd cdch thGc nhdt djnh nhdm myc dich Igi nhuan hodc muc dich kinh te, xd hgi khac. Ddi vdi ngan hang thuang mai (NHTM), hoat dgng ddu tu theo cdch nhin nh$n ndy sg cd phgm vi gdn nhu bao triun boat dgng cua ngan hdng, bao gdm ddu tu phdt trign (dau tu vdo trang thilt bj, nha cua, co sd hg tang), hogt
(2). Black's law, tdi bdn b6 sung idn thi'r 10, Bryan A.Gamer, 2004, tr. 965.
(3). VQ Hodng Nam, Hogt dgng dau tu kinh doanh trdi phieu ciia ngdn hdng thuang mgi Vi^t Nam, Ludn dn tien sT kinh t^, Tru6ng d^ii hgc kinh te qu6c ddn, 2015, tr. 15.
ddng ddu tu tdi chinh (cdp tin dyng, ddu tu chiing khodn). Cdch tiep cgn ndy phu hgp vdi thyc tien khi xem x6t bdo cdo tai chmh cua NHTM, hogt dgng ddu tu dugc liet kg gdm cde khodn tG hogt dOng mua sdm, thanh li, nhugng bdn tdi sdn c6 djnh, tiln ddu tu gdp vdn vdo cdc don vi khde.
Tuy nhien, khi nghign cGu hogt ddng ddu tu cua NHTM, hau bet cdc cdng trmh d nude ngoai xem xet hogt ddng ddu tu d phgm vi hpp ban. Theo dd, boat dgng ddu tu dugc xem xet Id cac hogt dpng ndm ngodi hogt dgng ngdn hdng co bdn vd hoat dgng ddu tu phdt trien. Hoat dgng ddu tu cua NHTM la hoat ddng sG dung vdn, tai sdn nhdm tgo ra ngudn Igi vdt chdt bao ghm hogt d^ng gop vdn, mua co phan; hogt dOng ddu tu chGng khodn vd hoat d§ng khdc nhu uy thdc dau tu, kinh doanh vdng, kinh doanh ngogi h6i.
Tu quy djnh phdp li4t vd thuc tien hogt dgng ngan hang tgi Vipt Nam hipn nay, bdi vigt xdc djnh gidi hgn nghign cGu d phgm vi nhdt dinh, theo dd, hoat ddng ddu tu cua NHTM duge tap trung vdo edc nhdm hogt ddng chinh: hogt dpng gdp von, mua cd phdn; hogt dgng dau tu chiing khoan vd hogt dpng uy thdc ddu tu.
1.2. Yeu cdu thiit Igp cdc bi$nphdp bdo dam doi vdi ngdn hdng khi thuc hien hogt dong ddu tu
Mdt trong nhiing d^c dilm quan trgng vd diin hinh khi NHTM thyc hi§n hogt ddng ddu tu la tinh chdt nii ro. Dac digm nay cung la nguyen nhdn thuc ddy xu hudng cdn tdch bach hogt dgng ngan hdng vdi cdc hogt ddng khdc mang tinh chat dau tu cua NHTM - xu hudng tG sau khung hodng kinh
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te nhQng nam 1929 - 1933, ddng thdi dan den vipc Qudc hpi Hoa Ki thdng qua Dao ludt Glass - Steagall.*"'
Rui ro cua hogt d^ing ddu tu do NHTM thyc hipn, ddc bi^t ddu tu chiing khodn dugc dg cap trong nhieu nghign cGu, trong dd chu yeu nhdn mgnh van dg xung dot Igi ich (conflict of interest), su an todn vd lanh manh cua ngan hdng ciing nhu he thdng (bank safely and soundness). Lia K. Thomas'^*
cho rang: cdc NHTM vd cdng G chiing khodn Id nguyen nhan cu§c khung hodng kinh t l do xung dot Igi ich. Xung dot Igi ich dugc higu la "mgt su xung dot lai ich ton tgi khi mot ngudi phyc vu hai hogc nhieu ben vd CO the ddnh Igi ich cao han cho mgt bin d ciing muc chi phi". ' Khi cdc NHTM vdi mong mudn md rpng sang cac boat ddng ddu tu, trong dd chG ygu ddu tu vdo hoat dpng chiing khoan, sy xung dot Igi ich se nay sinh bdi vj the cua chinh ngan hdng vdi tu cdch trung gian tdi chinh, tGc nhd tu van cho ngudi gGi tiln hogc trong nhigu tradng hgp giQ vj Gi nhu nhd qudn li quy uy thdc.
Tai Viet Nam, x6t tG Ijch su hinh thanh, phat trign vd quy md thj tradng tdi chinh cung nhu ndng lyc cdc NHTM hien nay, hogt dpng ddu tu cua ngan hdng cd tinh rui ro Idn, thg hien d hai digm nhu sau: Mot Id quy md
(4). Theo Macey, J.R., M.W. Marr, and S.D. Young, The Glass - Steagall Act and the Rishkiness of Financial Intermediaties, Research in Law and Economics 14, 1991, tr. 19 - 30.
(5). Lia K. Thomas, The Bussiness of Investment Banking, John Wiley & Son, Inc, 2005, tr. 25.
(6). Joao A.C Santos, Commercial Banks in the Securities Business: A Review (Bank for International Settlements, Basle, Switzeland), 1998, tr. 9 - 12.
thj tradng tdi chinh tgi Viet Nam hien nay edn nhd, tigm lyc vdn vd khd ndng tdi chinh cGa cde chu t h i tren thj tradng cdn hgn chi, vipc dap iing tieu chudn an todn nhu Basel II cua cac ngdn hdng d mGc thdp.^'* TG sau khimg hodng kinh t l nam 2008, nhQng mdt hgn c h i trong cd he thdng TCTD bpe Id vdi cdc sd lieu dang Io nggi v l sd hGu cheo, ng xdu. Hai Id xem xet dgc dilm tG chinh chu thg thyc hien hoat ddng Id cdc NHTM vd hoat ddng ddu hi cho thdy cdc NHTM so sanh tuong quan trgn thj tradng Id chu thi cd kha ndng tdi chinh Idn nhung ITnh vyc boat ddng rat nhay cdm, do nii ro cao. Cdc biln ddng thj tradng, yeu td chinh trj, chinh sdch phdp ludt deu cd the tac ddng, dnh hudng d i n hogt dpng ngdn hdng. Vipc sG dyng vdn, CO cdu vdn va ddm bao ti le an todn cd vai trd quan trgng. Trong khi dd, hogt dgng ddu tu vdi dgc trung thudng cd G'nh ddi hgn, chGa dyng rui ro se ldm tang cde nguy co ddi vdi ddm bdo an todn vdn trong boat dpng cua ngdn hang.
Viec sG dyng vdn ciia ngan hdng vdo hoat dgng cd rGi ro ro rdng se de doa dgn sy dn djnh Gong co cau ngudn vdn, tdng muc (7). Basel la Hi?p u6c dua ra cdc nguyen tde chung vd cdc lu|t ngdn hdng cOa Uy ban Basel ve gidm sdt hoat dgng ngan hdng. Mdc dii nhieu nude tren the gidi dd dp dung Hi?p u6c Basel III nhung tai Vi^t Nam, n^n tang ciia Hifp u6c Basel II dang Id co so da qudn li, giam sdt cdc hogt dgng vd riii ro ciia ngdn hdng thuang m^ii. Tir ndm 2014, theo Cong vdn s6 160I/NHNN-TTGSNH ngdy 17/3/2014, Ngan hdng nhd nude lira chgn 10 ngan hdng trifin khai thi diim Basel II gom Vietcombank, Vietinbank, BIDV, VPBank, Techcombank, VIB, IVlaritime Bank, MB, Sacombank, ACE. https://wvm.bis. o^g^cbs/, tniy c^p 15/7/2019.
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dp tde ddng cua cac yeu td khach quan tu nen kinh te den hogt dgng cua ngan hdng.
Ciing chinh tu li do ndy md cdc qudc gia, du van hdnh theo md hinh ngan hdng ndo (da ndng hay chuygn doanh) thi cdc quy dinh ddm bao an todn ludn duge dg eao.
Xudt phdt tG cac rui ro cd nguy co phdt sinh khi NHTM thyc hipn boat ddng ddu tu, phdp lugt tat cd cac qudc gia du theo md hinh hogt dpng ngan hang ndo deu quy djnh gidi ban nhdm bdo ddm an todn cho boat dpng ngdn hdng vd an todn he thdng. Cdc gidi ban nay hudng din viec ngan ngua vd hgn chi thap nhdt cdc nii ro eho hogt dgng ngdn hdng vd cd hp thdng. Cac gidi hgn ddm bdo an todn thudng dugc quy djnh bao gdm:
1) Gidi hgn vl nguon vdn ddu tu, nham kiim sodt, dam bao an toan vdn cua ngan hang; 2) Gidi hgn ITnh vy:c thuc hien dau tu, trudng hgp khdng dugc thuc hien ddu tu;
3) Gidi hgn khdc.
2. Danh gia quy djnh phap ludt hipn hdnh vl gioi han doi vdi hoat dgng dau tu cua ngan hang thirong mai trong han che rui ro va dam bao an todn he thong
Thu nhdt, phdp lugt dd dgt ra gidi hgn tuong doi toan dipn vg vdn dau tu cua NHTM khi thyc hien hogt ddng gdp von, mua cd phdn, tuy nhien, gidi han ndy chua phat huy dugc hieu qud cao trong viec han chi sy anh hudng cua ngdn hang ddi vdi giao dieh lien quan din cde cdng ti cd lien hp vl vdn vdi ngan hang (cdng ti con, cdng ti lien kit).
Gdp vdn mua cd phdn la boat dpng dugc cde ngan hdng khd ehu trpng bdi day Id kenh khdng chi giup NHTM da dgng hod nganh
nghe, md rgng quy md doanh nghipp md cdn giup NHTM thyc hign mgt sd hogt dgng nghiep vy, Idm tdng chuyen mdn hod cho hogt dgng ngan hdng, nang cao chat lugng djch vu. Thyc tien cho thdy, hien nay hdu het edc NHTM, ddc biet trong nhdm ed muc vdn Idn deu thdnh Igp cdc cdng ti con, cdng ti lien kit trong* nhieu ITnh vyc khac nhau, nhilu nhdt phdi ke dgn chiing khodn, qudn li quy, cho thue tdi chinh, ngodi ra cdn md rdng sang hogt ddng bdo hiem, chuygn tien.
Ca biet, mgt sd ngdn hdng Idn nhu Vietcombank cd tdi 11 cdng li con, cdng ti lien doanh, lign klt;'^' Viettinbank cd tdi 07 cdng ti con, 02 cdng G lien doanh, lign kgt;'^*
BIDV ed 04 cdng ti con, 07 cdng ti lien doanh, lien klt.<'°'
Vipc md rdng thdng qua gdp vdn, mua cd phdn cua cac NHTM, ngodi cac uu dilm thi ddng thdi ciing ddt ra nhihig vdn dl Idn Gong qudn li, ddc biet lien quan dgn ddm bdo an todn ddng vdn va cdc giao djch giua ngdn hdng vdi cdc cdng ti true thugc.
Hipn nay, theo phdp luat Viet Nam, gidi han vl vdn ddu tu dugc ddt ra doi vdi hogt ddng gdp vdn, mua co phan cua NHTM bao gdm 3 ngi dung:
- Gidi ban vl ngudn vdn dau tu: NHTM chi dugc dimg vdn dilu le va quy dy tru la ngudn vdn cd tinh dn djnh cao de thyc hien cac hogt dpng gdp vdn, mua cd phdn.
(8). https://portal.vietcombank.com.vn/content/Investors, truy cap 18/7/2019.
(9). http://investor.vietinbank.vn, truy cap 18/7/2019.
(10), https://www.bidv.com.vn/vn/ve-bidv, truy c^p 18/7/2019.
(11). Khodn 1 Di^u 103 Lu$t cdc TCTD ndm 2010, siia d6i, b6 sung ndm 2017.
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- Gidi ban ve mGc vdn dau tu: NHTM, cdc cdng ti con, cdng ti lien ket khdng dugc sd huu qua 11% vdn dieu le cua doanh nghiep nhgn vdn gdp va phai ddm bao dudi 5% vdn cd phdn cd quyen bieu quyet ciia TCTD khdc.<^^'
- Gidi ban vl tdng muc ddu tu: Tgi Vi^t Nam, quy djnh vl tdng muc gdp vdn, mua cd phdn cua NHTM trong cac doanh nghipp so vdi vGn dilu lg quy du trG cua NHTM khd rpng (dao ddng hi 30 - 40% vd gdn day duy tri mGc 40% cua chinh td chuc tdi chinh do Gong tdt ca cdc doanh nghiep)*^'^^
Danh gid tdng qudt, cdc gidi hgn dugc quy dinh tuang ddi trong myc tieu qudn nguIn li vdn va sG dung vdn. Quy dinh gidi hgn ti lg dgt ra d6i vdi hoat dgng gdp von mua cd phdn cua NHTM Gong cdc doanh nghipp d muc 11% ddi vdi doanh nghipp thdng thudng vd 5% ddi vdi TCTD khdc tuong ddi phu hop vdi thdng le qude te vd gdp phdn hgn chg sd hQu cheo hodc thao tung ngdnh nghi, linh vyc khde.'''''
(12). Khodn 3 Diiu 20 Thong tu s6 36/2014AT-NHNN ngdy 20/11/2014 ciia Ngan hdng nhd nude quy dinh cdc gidi han, tl 1| bdo ddm an toan trong hoat d^ng cua cdc t6 chiic tin dyng, chi nhdnh ngdn hdng xvxdc ngodi.
(13). Lu^t t6 chiic kinh doanh tdi chfnh (Financial Institution Business Act) B.E 2551, Phdn 33, 34, (14). Lu^t ngdn hdng Nhdt Bdn quy dinh; Ngdn hdng hodc cong ti con khong dugc ndm giit qud 5% so c6 phan bilu quyet ciia m^t cong ti (Quy tde 5%) (Ludt ngdn hdng s6 59 ndm 1981 Nh§t Bdn, sua d6i tai Ludt so 65 ndm 2006 vd Luat s6 109 ndm 2006, khodn 3 Di6u 16 Lu^t ngan hdng Nhat Ban; miic 5% trSn ngu6n v6n ciing dugc quy dinh trong Ludt ngan hdng Thdi Lan, dp dyng chung cho cdc t6 chuc tai chinh, bao gom NHTM (Lu$t to chGc kinh doanh tai chinh (Financial histitution Business Act) Thdi Lan (B.E 2551), P h ^ 33, 34.
Tuy nhien, cac quy djnh dam bdo an todn vg vdn ddu tu van tdn tgi mgt sd han chg.
Mdc du theo bdo cdo tdi chinh tai cdc NHTM hien nay, ti le 11% dugc ddm bdo tuan thu, tuy nhign do eac NHTM thudng tham gia gdp vdn ddu tu vao nhilu TCTD ho^c nhieu cdng ti nen tdng gia tri gdp vdn ddu tu ddi hgn khdc khd cao. Vi du: Ngan hang Techcombank cd sd cdng ti gdp von dau tu dai ban la 15, con sd nay lan lugt Id 13 vd 11 cua VPBank vd Vietcombank.*'^' Vdi tiiyc tl la sd lugng cac cdng ti, cdc TCTD ma NHTM tham gia gdp vdn Id khd nhilu, thdng tin Igi khdng dugc cdng bd mdt cdch ddy du nen vdn dl kiim sodt boat ddng cd lien quan la mgt cdn trd Idn cho co quan quan li cung nhu cdc cd ddng.
Tilp do, ti Ip gidi hgn 5% hogc 11%
nhdm hgn chi sy can thiep va kiim soat cua ngan hang vdo doanh nghiep nhan gdp vdn, tuy nhien, thdng qua cdc khodn ddu tu Gdi philu vd cae khodn uy' thdc ddu tu mdt each true tilp hogc gidn tilp qua cdc cdng ti lien kit hogc ca nhan, ngan hang van co thi kiem soat dugc cac doanh nghiep, eac dy dn vd ke cd cac ngan hdng. Vi du nhu Ngdn hang Hdng hdi (Maritime Bank) mac du chi ndm giQ 10,2% vdn tgi Ngan hang Me Kong (MDB) nhung thdng qua quy Tin Phat - ndm giQ din 18,5% vdn cd phdn tgi MDB van cd till chi phdi dugc MDB. Mpt vi dy diin hinh khac la quan he gdp vdn giua NHTM cd
(15), Bdo cdo tdi chinh cdc ngdn hdng: https://www vietcombank.com.vn/Investors/FinancialReports.aspx;
https://www.vpbank.com.vn; https://www.techcom bank.com.vn/nha-dau-tu/thong-tin-tai-chinh, truy c^p 10/7/2019.
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phan A Chdu (ACB) vdi cdc ngdn hdng:
NHTM cd phdn Dai A, NHTM cd phdn Kign Long vd NHTM cd phdn Viet Nam - Thuong Tin (VietBank) thdi dilm ndm 2012, thdng qua cac cdng ti con vd thdnh vien giG vai trd quan trpng trong A C B , ACB dd gidn tilp ndm giQ sd cd phieu Idn trong cdc ngdn hdng, sau dd thdng qua cdc cdng ti lign quan, tien hdnh thyc hipn ddu tu, gdp vdn, thyc hipn giao djch tien giri, tin dyng vdi cac ngdn hdng ndy. Moi quan he ve sd hiiu vdn phuc tgp kg tren tiem an nguy co thyc hien cdc giao djch khdng cdng bang hodc nii ro trong quan hp luan chuyen vdn giGa ngan hdng vd cac cdng ti cd moi quan he sd hiiu.
Thu hai, quy djnh edc Grudng hgp khdng dugc thyc hipn hogt dgng ddu tu dd ban chi duge tinh Ggng sd hiJu cheo don gian (sd hQu cheo tryc tilp) song chua giai quylt tript de ddi vdi cdc quan hp sd hiiu cheo phGc tap (sd hiiu cheo gidn tilp).
Tgi Vipt Nam, phdp lugt dd quy djnh khd chi tiet cdc tradng hgp khdng dugc gdp vdn, mua CO phan. Hgn che ndy dugc xem xet khdng chi d ban thdn cac TCTD ma trong cac cdng ti con, cdng ti lien ket cua chinh TCTD do.
v l phia TCTD, "TCTD khong dugc gop von, mua co phdn ciia cdc doanh nghiep, TCTD khdc Id co dong, thdnh vien gdp von cua chinh TCTD d6"P^'^ NHTM chi duac
(16). Khodn 5 Di^u 129 Luat cdc TCTD ndm 2010;
Nghj dinh so 93/2017/ND-CP ngdy 07/8/2017 cua Chinh phii ve che dg tdi chinh d6i vdi t6 chiic tin dyng, chi nhdnh ngdn hdng nude ngodi vd gidm sdt tdi chlnh, ddnh gid hi^u qud ddu tu vSn nhd nude tai to chiic tin dyng do nhd nude ndm gitt 100% v6n dieu le vd t6 chiic tin dung cd v6n nhd nude.
mua, ndm giu cd phieu tdi da khdng qud hai (02) TCTD khac, M\i tradng hgp TCTD khdc Id cdng ti con cua chmh NHTM.
Ddi vdi cdc cdng ti con, cdng ti lign kit, cdng ti kiim sodt cua NHTM, phdp lugt d§t ra gidi hgn nhu sau: 1) Cdng ti con, cdng ti lign ket eiia cung mdt NHTM khdng dugc gdp vdn, mua cd phdn cua nhau; 2) NHTM khdng dugc gdp vdn, mua cd phdn cua cdng ti con, cdng ti lign ket cua cdng ti kiim sodt ngdn hdng; 3) Cdng ti con, cdng ti lign kit ciia mpt NHTM khdng dugc gdp vdn, mua cd phdn cua chinh NHTM dd; 4) NHTM dang la cdng ti con, cdng ti lign kit cua cong ti kigm sodt khdng dugc gdp v6n, mua c6 phdn cGa cdng ti kiem soat do. '
Cd the ndi, quy dinh tradng hgp khdng dugc gdp vdn, mua cd phan dugc ddnh gia la cd y nghia h i t sue quan trpng, chi tilt hon cac quy dinh tgi Ludt doanh nghipp*' ' giup logi bd dugc hinh thuc sd huu chdng cheo, dgc biet sd hiiu chdng cheo gidn don, hie chu the cua sd huu cheo chi gdm hai cdng ti.
Vi du: Cdng ti A ndm giu cd phan cua cdng ti B ma cdng ti B nay ciing dang ndm giG cl phan tgi cdng ti A. Tuy nhien, nhihig quy djnh ndy chi qudn li dugc d be ndi, thyc te nhieu doanh nghiep "Idch lugt" bdng each ddu tu vdng vo nhieu cap sau dd quay trd lai
(17). Dieu 135 Ludt cdc TCTD ndm 2010; Dieu 19 Thong m so 36/2014/rT-NHNN ngdy 20/11/2014 quy djnh cdc gidi han, ti 1? bao dam an todn trong ho?it dgng ciJa cdc t6 chiic tin dyng, chi nhdnh ngdn hdng nude ngodi.
(18). Dilu 189 Lu§t doanh nghiep ndm 2014; Dieu 16 Nghj djnh s6 96/2015/ND-CP hudng dan Lu^l doanh nghiep.
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NHTM, kit qua Id khdng the xoa bd dugc cac dang thGc sd hihi chdng chgo gidn tiep, tGc binh thGc sd hOu phGc tgp ban nhu sd huu vdng trdn, sd hiiu mang ludi.
Thu ba, phdp ludt dd dat ra quy djnh gidi hgn trong hogt dpng ddu tu chGng khodn tryc tiep cGa ngan hdng nhu loai chCmg khodn ddu tu, ti le ddu tu song quy djnh nhin chung chua day du.
N^i dung "chirng khodn" d ddy chu ylu Id cdc khodn chiing khodn ng gdm trdi philu, chiing ehi tien gui va mgt sd logi gidy td ed gid khac. Cde gidi hgn dugc dgt ra bao gdm:
- Gidi hgn loai chGng khodn dugc phep ddu tu. Ludt cdc TCTD nam 2010 (sGa ddi, bd sung nam 2017) hipn nay khdng quy djnh cy thg cdc logi chung khoan NHTM thyc hi$n mua ban. Ngodi quy dinh tgi Digu 103 ve gdp von, mua cd phdn, Digu 104 Ludt cac TCTD quy dinh ve vipc tham gia thj tradng tien te, theo dd, NHTM chi dugc tham gia mua, ban cdng cy chuyen nhugng, trdi phieu Chinh phu, tin philu kho bac, tin philu ngan hdng nhd nude vd cdc giay td cd gia khdc Gen thj tradng tign te. Nhu vay, cy the loai chGng khodn md mGc dp tham gia mua bdn cdc logi chGng khodn ciia NHTM chua dugc dg cap ro rang, chi tilt.
- Gidi hgn Gong ti Ip ddu tu mdt sd logi chung khodn. NHTM chi dugc phep mua, ddu tu trdi philu Chinh phu, trai phigu dugc Chinh phu bdo ldnh so vdi tdng ng phdi tra binh qudn cua thdng lign ke trude dd d muc ti Ip 30%. NHTM mdi thdnh lap cd thdi gian hoat dgng dudi hai (02) ndm kg tG ngdy khai Guong boat dgng vd tdng ng phdi trd nhd
hon vdn digu le, vdn dugc cdp thi dugc mua, ddu tu trdi phieu Chinh phu, trdi philu dugc Chinh phu bdo ldnh theo ti le toi da 30% so vdi vdn dieu le, vdn dugc cdp.^'^'
Nhin chung phap ludt da dat ra mdt sd gidi hgn trong hogt dgng ddu tu chGng khoan true tigp cua cdc NHTM nhdm dam bdo an todn hon cho ngudn vdn sG dung vdo hogt dpng ddu tu nay, tuy nhign, xet cdc quy dinh hien hanh, quy djnh ve muc gidi hgn trong hogt dgng ddu tu chiing khodn chua ddy du.
Ludt TCTD khdng de cap tryc tiep dieu kien va gidi ban dau tu, n^i dung nay dugc hudng ddn bdi NHNN. Cho din nay, NHNN mdi ban hdnh vdn bdn quy dinh ve giao dich mua ban cd ki ban ddi vdi trdi phigu chinh phu, trdi philu dugc Chinh phu bdo ldnh, cimg vdi do Id hudng dan doi vdi hoat dpng mua ban trdi phieu doanh nghipp.' Doi vdi chiing chi quy hay "giay td cd gia khac" hipn chua cd quy djnh ve digu kipn hay gidi hgn trong boat ddng ddu tu, chu thg phdt hdnh.
Thyc tien eho thay, doanh thu tG hogt dpng ddu tu chGng khodn trong hoat dpng cua ngdn hang ngdy cang Idn va neu khdng quy
(19). DiSu 1 Thong tu so 19/2017/rT-NHNN ngay 28/12/2017 bd sung mgt s6 diau ciia Thong tu 26/2014ATT-NHNN ngay 28/12/2017 quy djnh cac gidi han, ti 1^ bao dam an todn trong ho?t dgng cua TCTD, chi nhdnh ngan hdng nude ngodi.
(20). Quy djnh tai Thong tu s6 21/2012AT-NHNN ngdy 18/6/2012 quy dinh ve hoat dgng cho vay, di vay; mua bdn c6 ki han gidy td c6 gi&a gifta cac TCTD, chi nhdnh ngan hdng nude ngodi, siia ddi, bo sung Thong tu s6 18/2016ArT-NHNN; Thong tu s6 22/2016nT-NHNN ngdy 30/6/2016, sua doi, bo sung tai Thong tu s6 15/2018AT-NHNN ngdy 02/8/2018 quy dinh vi?c mua bdn trdi phieu doanh nghiep.
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dinh ddy du ve dieu kipn va ti Ip bdo dam an toan Gong boat dgng ddu t u cy thg ddi vdi cdc chung khoan ngan hdng tryc tigp thyc hien mua, ban se tiem dn rui ro Idn trong qudn li vdn cua ngdn hdng.
Thu tu, cdc quy djnh nhdm bdo ddm an todn trong hogt ddng uy thdc ddu tu budc ddu dugc thilt Idp song chua ddy du vd rd rdng.
Theo quy djnh, NHTM dugc quygn nhgn uy thdc tu khach hang dong thdi ciing dugc uy thdc cho chu the khdc. Trong dd, uy thdc dugc h i l u Id vigc mOt ben (ben uy thdc) giao von bang tiln cho mgt ben khdc (ben nhdn uy thdc) d l thyc hipn mgt sd hogt ddng dau tu ddi vdi ddi tugng uy thac, ben uy thac chiu mgi nii ro, ben nhdn uy thdc dugc hudng phi uy thac.'^''
Hogt d0ng uy thdc ddu tu do NHTM thyc hipn duge quy dinh tgi cdc vdn bdn do NHNN ban hdnh. Van bdn ddu-tign G^c tiep quy dinh ve hogt d^ng uy thde ddu tu Id Quylt dinh sd 742/2002/QD-NHNN ngdy 17/7/2002 eua Ngdn hdng nhd nude v l uy thac vd nhgn uy thdc cho vay von cua TCTD, tilp dd la Thdng tu so 04/2012/TT-NHNN ngdy 08/3/2002 cua Ngdn hdng nhd nude Quy djnh v l nghiep vy nhdn uy thdc vd uy thdc eua to chuc tin dung, chi nhdnh ngan hdng nude ngoai. Trong thdi gian tu 2010 d i n 2014, vdi sy dilu chinh cua Thdng tu sd 04/2012/TT-NHNN, hogt dgng uy tiidc ddu tu da cd nhilu b i l n tudng, cdc TCTD thdng
qua uy thdc thyc hipn ddu tu ch6o giQa he thdng cdng ti cd mdi lien hp... Vy dn Huynh Thj Huygn N h u vdi giao djch lien quan den hogt ddng Gy thdc la minh chiing thyc te cho sai phgm lien quan d i n thyc hien uy thdc dau tu cua ngan hdng. Ndm 2014, NHNN da ban hanh Thdng hi sd 30/2014/TT-NHNN ngdy 06/11/2014 v l uy thdc vd nhdn uy thdc ciia TCTD, chi nhdnh ngdn hang nude ngoai, dugc sGa ddi, bd sung tgi Thdng tu so 14/2016/TT-NHNN. TG ngi dung cua cac vdn bdn ndy, cd t h i ehi ra mdt so diem con chua ro rdng nhu sau:- Gidi ban ve doi tugng: NHTM khdng dugc uy thac cho doi tugng ndm trong quy djnh khdng dugc cdp tin dyng vd hgn chg cdp tin dung, ddi tugng khdng dugc gdp vdn, mua ed phan quy djnh tai cde dilu 126, 127, khodn 5 Dilu 129 Ludt cdc TCTD nam 2010.
- Gidi hgn hoat dgng: NHTM khdng dugc uy thac, nhdn uy thdc vdo dy dn san xudt, kinh doanh vd uy thdc, nhdn uy thac mua trdi philu cua TCTD khdc, chi nhdnh ngdn hdng nude ngodi khdc.*^
Ngoai ra, mdt sd quy djnh nham bdo dam an todn khdc cung dugc thiet lap nhu:
khdng dugc uy thac Igi cho bgn thG ba; vipc giao vdn uy thdc phdi phu hgp vdi tien dp thyc hien ngi dung uy thdc; ben uy thac 1^
TCTD, chi nhdnh ngan hdng nude ngodi phdi thyc hipn phan loai ng, trich lap dy phdng vd su dyng du phdng d l xG li nii ro...
(21). Khodn 1 DiSu 3 Thong tu so 30/2014AT-NHNN ngdy 06/11/2014 ciia Ngdn hdng nhd nude quy djnh vl uy thdc vd nhdn ily thdc ciia TCTD, chi nhdnh ngdn hdng nude ngodi.
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(22). Dieu 9 Thong tu s6 30/2014/TT-NHNN ngdy 06/11/2014 cila Ngdn hdng nhd nude ve iiy thdc vd n h ^ uy t h ^ ciia TCTD, chi nhdnh ngan hdng nude ngodi.
T A P C H I L U A T H Q C S O 9/2019
NGHIEN CVV - TRA P DPI M$c du phdp lugt dd ddt ra quy djnh gidi
ban t r o i ^ hogt d^ng uy tilde ddu tu, tuy nhien, cdc quy djnh hipn nay chua tgo dugc CO sd phdp 11 ddy du cho hogt dpng quan li cdc giao djch Hen quan. Cdc ngan hdng cd t h i thdng qua hogt dgng uy thdc ddu tu d l ddu tu qua lai ndm quyen kigm sodt doanh nghipp. Vi d\t: theo Ludt cdc TCTD hipn hanh, mgt ngan hdng vd cdc cdng ti con, cdng ti lien ket cua ngan hdng dd khdng dugc gdp vdn vugt qud 1 1 % vdn d i l u Ip cua doanh nghipp nhgn von gdp, song mgt sd ngdn hang dd cimg cae cdng ti lien ket tham gia gdp von thdnh lap cdng ti cd phan ddu tu tai chinh, sau dd chuyin vdn qua hinh thuc uy thac ddu tu. Cdng ti co phdn dau tu tdi chinh nhdn v6n uy thdc di ddu tu vdo cde doanh nghipp, ddn trd thdnh cdng ti chuygn ndm giu sd hiiu doanh nghipp. TG cdc giao djch ndy, cdc quan hp sd hihi chdng cheo, bac cdu cd thg dugc hinh thdnh lign quan d i n ngdn hdng.
Ve van d l ndy, d l quan li boat dOng uy thdc, mOt s6 qu6c gia da ed quy djnh gidi hgn vd bdo ddm bdo an todn khdc. Vi dy tgi Hdn Quoc,'^'^' cdc ngdn hdng dugc thyc hien hogt dgng uy thdc, song phdp ludt quy djnh dieu kipn bdt huge ddi vdi cdc chu the ndy la phdi tdch bgch quy, chiing khodn hodc tdi sdn vdi hogt dpng kinh doanh cd lign quan va duy tri sy dgc lap trong sd sdch vd tdi lipu bdo cdo.
(23). The Bank of Korea Central Bank of South Korea, To chiic tdi chlnh t^ii Hdn QuIc: Nam Hdn (Financial Institutions In Korea: South Korea), Nxb. Fil-Job-le Media, 2016, tr. 46.
3. Kien nghj hoan thien p h d p lu^t vd nSng cao hipu q u a q u a n li hogt dpng dau tu- cua ngan h a n g thvomg m a i thSng qua cac bipn p h a p bao d a m an toan
Thu nhdt, cdn dat ra yeu edu cdc NHTM ndi rieng vd TCTD ndi chung phdi duy Gi sy ddc lap Gong md hinh td chGc, boat ddng giGa NHTM vd cdc cdng ti tryc thugc nhdm kiem sodt chat che ban cae giao djch cd kha ndng bj tde ddng bdi quan he sd hiiu.
Tai Vipt Nam, m^ic du phdp luat dd thilt lap mpt sd gidi han trong giao djch giGa NHTM va cde cdng ti lign quan, song nhihig quy djnh ndy mdi chi hudng dgn viec quan li quan he sd hiiu, cdc giao djch lien quan den dau tu nguon vdn, chua cd gidi hgn trong cac giao djch lign quan hogt dgng ddu tu.
Ve van de ndy, tham khao phdp luat mdt sd qude gia cho thay xu hudng chung la thiet lap gidi han cy thg trong thyc hien cdc giao djch dugc xem xet cd khd nang khdng ddm bdo tinh cdng bdng do mdi lien hp ve sd hiiu giQa ngdn hdng vd cdng ti eon, cdng ti lign kit. Viec xay dyng mgt nhdm quy djnh gidi hgn cdn dugc can nhdc xem xet va dua vdo npi dung cdc bipn phdp bdo ddm an todn.
Nhdm cdc giao djch ban chg nay cd the dugc quy djnh tgi cac van bdn dudi ludt do ca quan qudn li chuyen nganh ban hdnh. Ve npi dung, nhdm quy djnh ndy cd thg dugc xem xet nhu quy djnh dugc ggi Id "tirewall conditions" (tgm djch: dilu kipn bGc tudng IGa) tgi Nhdt Bdn. "Firewall conditions" ddt ra mdt sd quy djnh nhu: try sd cua cdng ti Gyc thugc khdng dugc ddt cimg dia diem vdi try sd eiia ngdn hdng; cde cdng ti chiing
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khoan tryc thugc eua ngdn hdng khdng dugc tilt lg h o ^ tilp nhdn thdng tin khdng dugc phep cdng bd (non-public information) ciia khdch hdng tu ngan hang md khdng dugc sy ddng y cua khdch bdng;*^"*' cdng ti chiing khodn tryc thugc cGa ngdn hdng khdng dugc thyc iiien bat ki giao dich chung khodn dugc quy djnh trong Ludt chGng khodn vd giao dieh cho khach hang, ngu cong ti chGng khoan tryc thugc nhgn biet dugc dugc ngdn hang me da cap tin dung hodc cung cdp cdc Igi ich khac cho khdch hdng nhu mua bdn tdi sdn;* ' cdng ti chung khoan tryc thugc khdng dugc bao lanh cac chGng khoan phdt hanh bdi ngdn hang.
Lien he cdc quy djnh tai "firewall conditions" cd thi thdy nhigu van de dd dugc thg hien trong phdp lugt Vipt Nam, eu thi quy dinh bdo mgt thdng tin tgi cdc van bdn do NHNN ban hdnh*^^* gidi hgn bdo lanh
(24). Sercurities and Exchange Law art. 50-2(iii), SEL Soundless Ordinance Art. 2-2(viii). Financial Instrument and Exchange Act of Japan no.25.
(25). SEL Soundness Ordinance Art.2-2(iii). Financial Instrument and Exchange Act of Japan no.25.
(26). Quy dinh v^ ddm bdo bi mdt thdng tin khdch hdng hi^n nay dugc quy dinh trong nhiau vdn ban.
Ngodi cdc nguyfin tde chung 0-ong Ludt cdc TCTD (khodn 3 D i k 10, khoan 2 D i k 14) vd B$ ludt ddn sy (cdc d i k 38, 387, 517, 565...); Lu§t cong nghe thong tin ndm 2006 (cdc dieu 22, 72, 77); Ludt bao ve quy^n Igi ngudi tifiu dimg ndm 2010 (Di^u 6, Dilu 11); Ludt an todn thdng tin m ^ g ndm 2005 (cdc di^u 16, 17, 20); ngodi ra, Lu$t xir li vi ph^m hdnh chinh ndm 2012 vd Bg lugt hinh sy ndm 2015 cQng c6 quy dinh nOi dung lien quan d^n hoat ddng bao mdt thong tin vd nhigu vdn bdn dudi ludt do NHNN ban hdnh. Gdn ddy, Chinh phu ban hdnh Nghj djnh s6 117/2018/ND- CP ngdy 11/9/2018 v^ vi?c cung cAp thdng tin khdch hdng ciia TCTD, chi nhdnh ngdn hdng nude ngodi
phdt hdnh cGa CTCK vdi td chuc cd lien hp sd hiiu tgi vdn bdn do Bg tdi chinh ban hanh*"'... Tuy nhien, cd thi nhdn thdy vdn dg cdn tdn tgi d day khi lien hp vdi co chi phdn quyen trong gidm sdt vd qudn li he thdng tdi chinh tai Viet Nam (cdc co quan qudn li vd gidm sdt dugc thanh lap vd vdn hdnh nhdm gidm sat mdt logi djnh chi tai chinh vd khu vyc thj trudng nhdt dinh tren tdng thg thi tradng tai chinh, NHNN Id co quan thanh tra, gidm sdt trong linh vyc ngan hdng, Bd tdi chinh trong linh vyc bao higm, Uy ban chiing khodn nhd nude trong linh vuc chGng khodn). Rd rdng, sy phdn tan cua quy djnh, kem theo phdn quyen quan li vd gidm sdt sg gay khd khan trong qudn li todn bg boat d0ng he thong cd mdi quan hp vl sd hQu. Bgn cgnh dd, mgt sd ndi dung, dgc bipt cdc giao djch lign quan din su dung Igi thi thdng tin khdch hdng trong thiet lap giao djch chua dugc quy djnh trong phdp ludt song vdn dang dien ra tai Viet Nam.
Thu hai, cdn quy djnh ro loai chung khodn duge phep thuc hien hogt dgng mua ban cua ngan hang vd TCTD ndi chung.
Trong Ludt cde TCTD cd de xudt can bd sung dieu khodn rigng quy djnh ve pham vi thuc hien cdc giao djch lien quan den chGng khodn vd gidy td cd gia khdc ciia TCTD, ddc
(thay the Nghi dinh s6 70/2000/ND-CP v^ viec giO bi mat, luu tru vd cung cdp thdng tin fiSn quan d6n tien gui vd tdi sdn ciia khdch hdng.
(27). Quy djnh tai Di^u 55 Tlidng tu s6 210/2012/rr-BTC ngay 15/01/2013 hudng ddn thdnh lap vd ho?t dgng cdng ti chiing khodn do Bd trudng Bg tdi chinh ban hanh, sira doi bo sung tai Thdng tu sd 07/2016/rT-BTC.
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biet xdc djnh rd cdc loai chGng khodn md TCTD dugc phep thyc hipn giao djch. Sy minh bach, rd rdng cua phdp ludt Id co sd d l cdc NHTM thyc hipn boat dgng ddu tu, ddng thdi cimg Id co sd d l co quan quan li thyc hien chuc ndng giam sat.
So sanh vdi phdp ludt Nhat Bdn, tgi qudc gia ndy, boat d^ng chiing khodn cua ngdn hdng dugc quy djnh rdt chi tiet vd chdt che. Lugt ehiing khodn vd cdc cdng cu tdi chinh (Financial Instrument and Exchange Act - FlEA) quy djnh ngan hang dugc phep thyc hipn cdc giao djch lien quan dgn mdt sd logi chGng khoan. Cde loai chiing khodn dugc quy djnh chi tiet tgi Dilu 33 FIEA, Gong do chG y l u edc loai chiing khoan cd dg an todn cao, dugc ddm bdo, cd the kg dgn:
Gai phieu chinh phu national governed bonds), trdi phigu dd thi (municipal bonds);
Gdi philu ddc biet dugc quy djnh Ludt v l chGng khodn hod tdi sdn (Ludt so 105 ndm 1988); Gai phieu khdc (depenture) do phdp nhdn phdt hdnh dugc Chinh phu ddm bdo mua Igi hodc trd Igi tGc...
Thu ba, can quy djnh chi tiet hogt ddng uy thdc ddu tu cGa NHTM
Hogt dgng uy thac gdp vdn, mua co phdn trade day da cd thdi gian bj bien tudng va trd thdnh mgt trong edc hinh thGc ngdn hdng sG dyng dg tranh quy dinh gidi ban trong hogt dpng gdp vdn mua cd phan.
Mgc du Lugt cdc TCTD ndm 2010 da xdc djnh uy thac gdp vdn, mua cd phdn Id mgt hinh thuc cua hogt dgng gdp vdn, mua cd phdn nhung quy djnh v l tdi chinh, kiim sodt hogt dgng nay van chua duge ro rang.
Thdng GI sd 30/2014/TT-NHNN ngdy 06/11/2014 ciia Ngdn hdng nha nude v l uy thdc vd nhdn uy tiiae cua TCTD, chi nhdnh ngdn hang nude ngodi (sGa ddi, bd sung tai Thdng hi sd 14/2016/ND-CP) da ddt ra cdc quy dinh nham qudn li chat che ban hogt dgng uy thdc ciia ngdn hang song van chua thue sy ddy du de qudn li vd ban che cdc bien tudng trong hogt ddng uy thdc ddu tu do ngdn hdng thyc hipn.
Ddi vdi npi dung ndy, can dua vdo Luat cac TCTD ndi dung quy djnh v l hogt ddng uy thdc eua ngan hang, trong do xdc djnh cu thg dieu kien, trinh ty thyc hign vipc thyc hipn chuc ndng uy thdc, pham vi thyc hipn vd cdc quy djnh gidi han ddm bdo an todn lign quan khi TCTD thyc bipn hoat dOng uy thdc ddu tu.
Vice xdy dyng vd dua ngi dung uy thdc dau tu vdo ludt la phu hgp vdi thdng le quoc t l . Do tinh chat ngudn vdn cua ngdn hdng va ban chdt sG dung vdn thdng qua uy thac, quan he uy thdc dau tu do ngdn hang thyc hipn rdt dugc d l cao vd chiu su quan li chat che bdi phdp ludt. Vi du: tai Nhdt Bdn, Canada, hogt dpng uy thdc ddu tu dugc quy djnh chi tiet, rd rang trong phdp luat ngdn hang. Dac biet tgi Nhdt Ban, hogt dgng uy thdc ndi chung va uy thde do cac td chuc tai chinh thyc hien dugc qudn li chat che bdi nhieu dao ludt nhu Ludt uy thdc (Trast Act) ndm 1922 sGa ddi bd sung nam 2006; Ludt kinh doanh uy thdc (Trast Business Act) nam 2004;
Luat v l hogt ddng uy thdc cua td chGc tdi chinh (Act on Engagement in Trast Business by a Financial Institution) nam 1943..
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Thu tu, bd sung quy djnh qudn li "md hinh tdp doan tdi chinh" nhdm qudn li hogt dgng cua NHTM vd he thdng cdc cdng ti tryc thugc.
Quy djnh cho ph^p cdc NHTM thuc hien hogt dgng gdp v6n, mua cd phdn dd vd dang lam phdt sinh mgt so bp qud ddi vdi hoat dgng cGa cdc ngan hdng vd nen kinh tg nhu:
tinh trang sd hOu cheo giua cdc ngdn hdng va cdng ti con, cdng ti lign ket, cde giao djch khd kiim sodt giQa cdc cdng ti cd moi quan hp sd bOu... Trade thyc trgng ndy, cimg vdi ddnh gid xu hudng phdt trien tdi chinh vd phdp li tren thi gidi cho thdy viec xay dyng, bd sung quy djnh phap ludt nhdm quan li nhdm cac cong ti trong linh vuc tai chinh, tdp dodn tai chinh tai Vipt Nam Id cdn thigt.
Xu hudng phat triln thi tradng tdi chinh trgn thi gidi cho thdy: hinh thdnh vd phat triln cdc tgp dodn tdi chinh-ngan hang id kgt qud tdt ylu tai nhilu qudc gia, khu vyc tren thi gidi, nhat la d Hoa Ki, chdu Au vd mgt sd nude chdu A. Tgi Hoa Ki, Lu$t cdng ti sd hiiu ngdn hdng (Bank Holding Company Act) dugc ban hdnh tG ndm 1956. Dgo ludt nay g6m ba phdn chinh quy djnh cdc ngi dung vl hogt dOng, gidi thich cae dilu khodn vl "ngan hdng", "kiim sodt", "cdng d ndm giu tdi chinh", "cdng ti con"... Tgi Canada, Lugt ngdn hdng Canada ddnh mgt phan dgc lap vdi gdn 300 digu tG Dieu 662 din Dieu 963 (Phdn 15) dl "quy dinh vl cdng ti sd hQu ngdn hang (Bank Holding Company BHC).*^^' Tgi Nhat Ban, Dgo
(28). P h ^ VX Dao iu§t ngdn hdng Canada: "Substantial
lugt ngan hdng Nh|it Bdn dl cgp cdng ti sd hiiu ngan hdng tgi mdt phdn dgc lap (Phan 3 Chuong V).
Vg mat phdp li, viec hinh thdnh va phdt trign cde tgp dodn tdi chinh - ngan hang nhin chung tuan theo cdc quy lu|it vd phuang thGc cGa edc t^p dodn kinh te. Ve vdn dl ndy, hien nay Viet Nam dd ed khung phdp li. Ben cgnh do, cdc tap dodn nay, nhu da de cap, vdi tu each Id mgt dinh che tai chinh ddc thu, co hogt dpng vd tdm anh hudng Idn trong xd hgi, bdi v^y cdn thilt phai chju sy rang huge va chi phoi chdt ch6 hon, tG nhilu quy djnh, quy chi cGa nhd nude. Cdc quy djnh phai dugc xdc lap cy thi, rd rdng the hien chuc nang gidm sdt cua co quan qudn li nha nude Gong to chGc, hoat ddng ddi vdi tdp dodn tdi chinh, d^c bigt la trong qudn trj hogt ddng, qudn Gj rui ro khi phdt triln mgng ludi, ITnh vyc vd phgm vi hogt dgng.
Ve mdt thyc tiln, tai Vipt Nam, ten gpi tap dodn tdi chinh-ngan hdng vdn chua dugc cdng nhgn chlnh thuc, song thyc tl cimg vdi sy md rgng hogt ddng kinh doanh, mgt s6 NHTM cung da cd du dieu kipn, cd du cac nhan to cdn thilt nhu quy md, qudn trj, thuong hieu, ngudn nhan luc... nhu mgt tgp dodn tdi chinh. Mdt sd NHTM da tham gia thyc hipn kinh doanh nhigu mang khac nhau cua hogt ddng tdi chinh (gdp vdn, thanh lap cdc ngan hdng, cdng ti tdi chinh, cdng ti cho thug tdi chinh, cdng ti chung khodn, cdng ti bdo hilm, cdng ti qudn li qu^, cdng ti qudn li
Investments - Banks and Bank holding Companies", 10/2013.
TAP CHI LUAT HQC SO 9/2019
NGHIENCUV- TRAPDdl ng vd khai thdc tdi sdn bao ddm...) vd phi tai
chinh (cdng ti thyc hi^n djch vy lien quan bdt dgng sdn ngan hdng, cdng ti ddu tu xay dyng hg tdng cdng trinh, hg tang giao thdng, cdng ti kinh doanh vdng bac...).
Nhu vdy, xem x^t xu hudng thi gidi, ddng thdi xet thyc tiln thj tradng tai chinh Vi^t Nam cd thg thdy, vipc dua ngi dung qudn li tgp dodn tdi chinh-ngan hdng vdo dilu chinh tgi lugt la cdn thiet vd cd co sd bdi nhihig H do dudi day:
- Xdy dyng ngi dung phdp li cho md hinh tgp dodn tdi chinh cd y nghia trong vigc tgo lap CO sd dg kigm sodt hogt dOng cua NHTM vd hp thdng cdc cdng ti tryc thugc.
Quan digm ndy eiing ddng thdi dya tren danh gid tryc trgng phap ludt Vipt Nam.
Hipn nay, Ludt doanh nghipp Vipt Nam ndm 2014 da quy djnh cy thg vdn dl tgp dodn kinh tg, nhu vgy vipc dua vao khdi nipm tgp dodn tdi chinh-ngan hang la hoan todn phG hgp, ddp ling duge sy phdt triln eua ngdnh ngan hdng, sy Idn mgnh vd tirih cgnh tranh cua ngdn hdng trong nude trude cdc tap dodn tdi chinh-ngdn hdng tren the gidi dd va dang kinh doanh trgn thj tradng Vipt Nam vd khu vyc.
- LTnh vyc tdi chinh-ngan hang cd ngt d^c trung chuygn ngdnh va tinh nhgy cdm cao, mGc dp dnh hudng Idn din nIn kinh tl vd cdng chung, ddc bipt xu hudng phdt triln edc ngan hdng da ngdnh cd quy md von Idn, tdm dnh hudng rpng. Cde ngdn hdng Idn, cdng ti sd hGu ngan hdng cd khd ndng tap trung sGc mgnh tai chinh, ngodi cdc ngan hdng, hg cd the sd hGu cac cdng ti phi ngdn
hang, nhu sdn xudt, vgn chuyin hodc kinh doanh bdn le. Dilu ndy dan den m6i Io ngai rdng cac cdng ti mp cd the su dyng tiln gui trong cdc cdng ti con cGa ngan hdng dl cho cdc doanh nghipp khdc vay tiln, tgo cho hg Igi thi khdng cdng bdng hogc hg cd thi su dyng anh hudng cua minh Gong vipc eho vay de tac dgng nhiing ngudi vay bdo trg cac doanh nghipp khdc cua hp. Cym tG "toobig- toofail" ed nghia qua Idn dl syp dd hay qud Idn de phd sdn dugc sG dung chinh xdc dl dl cgp nguy co ndy. Su md rgng vd phdt Giln ciia cdc tap dodn ngdn hdng, tdi chinh neu thilu kiim sodt cd thg gdy ra vdn de cho todn bO nen kinh te vd chinh phu cd khd ndng phdi dua ra cde gdi cGu trg dl gidi cGu. "Too big too fail" dang ngdy cang trd thdnh vdn dl quan nggi md co quan qudn li Vi|t Nam cdn xem xet. Vdi xu hudng phdt triln hdm chGa nguy CO rGi ro ndy, rd rdng sy digu chinh chung trong phdp lugt doanh nghiep chua thi tgo duge co sd phdp li ddy du dl qudn li, gidm sdt todn bg cac ngi dung lign quan den hogt dgng ciia tap dodn tdi chinh ngdn hdng, ddc bipt la thyc hien kiem sodt vd ban che rui ro hp thdng.
- Xay dyng cdc quy djnh ve tap dodn tdi chinh ciing s6 gdp phdn th6ng nhdt edc quy dinh hipn hdnh lign quan dgn.hogt dpng cua cdc TCTD ndi chung vd NHTM ndi rigng.
Cy till, hipn nay Ludt TCTD vd cdc van bdn hudng dan thi hdnh cho phep cdc NHTM dugc thdnh lap cdc cdng ti tryc thugc de kinh doanh trong ITnh vuc cho thue tdi chinh, tdi chinh, bdo hilm, kieu hdi, qudn li tai sdn, chung khodn, quy ddu tu, gdp v6n, lien
TAP CHi LUAT HQC S6 9/2019 89
NGHIEN CUV - TRA O Ddl
doanh lign ket vdi cdc djtih chi tdi chinh, cdng ti hogt dgng phi tai chmh khdc dl tgo ra hang logt cdng ti con, cdng ti "chdu", cdng ti lien ket. Bgn canh dd, cac quy dinh trong Lugt cgnh tranh (co chi tap trung kinh te, kiem sodt ddc quygn), Lugt chiing khodn (co che gdp vdn, mua cd phdn), Ludt ddu tu (co chg ddu tu dudi hinh thGc sdp nhgp, hgp nhdt...) da tgo ra khudn khd phdp li eho phep cdc TCTD dugc gdp vdn, mua ban, sdp nhdp, hgp nhdt vdi cac ngan hdng khac, dugc ddu tu, gdp vdn vdo cdc t6 chGe phi tdi chinh khac.
Vg ngi dung, quy djnh vg tap dodn tai chinh-ngdn hdng khi xay dyng cdn de cap (ten mgt s6 van dg co bdn nhu sau: djnh nghTa tap dodn tai chinh-ngdn hdng; phgm vi hogt dpng cua tap dodn tdi chinh-ngan hdng; gidi ban boat ddng, qudn li giua cdng ti mp vd cdc cdng ti tryc thugc; cdc bipn phdp bdo ddm an todn, ldnh mgnh hogt dOng giQa cde cdng ti; cdc che do bdo cdo tai chinh, kiem toan, bdo eao thdng tin; boat dgng qudn H, gidm sdt cua NHNN vd co quan quan li khdc...
Tdm lai, muc dg cde ngan hdng dugc phep tham gia vdo cdc hogt ddng dau tu la npi dung quan trgng do tinh nhay cdm vd y nghTa tde dgng cua hogt ddng ndy ddi vdi sy an todn, dn djnh cua h? thdng ngan hdng.
Su tham gia vd mGc dg gidi hgn tham gia cua ngan hdng vao hogt dpng ddu tu khdng chi dnh hudng den cdc ben trong quan h?
giao djch md cdn dnh hudng den cdu tnic thi trudng von. Vdi md hinh ngdn hdng da ndng bdn phan tgi Vipt Nam hipn nay, viec
thdt chdt cdc quy dinh nhdm kigm soat vd hgn che riii ro la muc tigu quan trpng, trdnh cde rui ro he th6ng nhu dd xay ra tgi nhilu qudc gia./.
TAI LIEU THAM KHAO 1. Black's law, tdi ban bd sung idn thG 10,
Bryan A.Gamer, 2004.
2. Lia K.Thomas, The Bussiness of Investment Banking, John Wiley & Son. Inc, 2005.
3. Macey, J.R., M.W. Marr, and S.D. Young, The Glass - Steagall Act and the Rishldness of Financial Intermediaties, Research in Law and Economics 14.
4. Vu Hoang Nam, Hogt dgng ddu tu kinh doanh trdi phieu cOa ngdn hdng thuang mgi
Viett Nam, Ludn dn tiln sT kinh tl, Tradng dgi hpc kmh tl qude ddn, 2015.
5. Joao A.C Santos, Commercial Banks in the Securities Business: A Review (Bank for International Settlements, Basle, Switzeland), 1998, G-. 9 - 12.
6. The Bank of Korea CenGal Bank of South Korea, Td chuc tdi chinh tai Hdn Quoc:
Nam Han (Financial Institutions In Korea: South Korea), Nxb. Fil-Job-le Media, 2016.
7. Sercurities and Exchange Law art. 50-2(iii), SEL Soundless Ordinance Art. 2-2(viii).
Financial Instrument and Exchange Act of Japan no.25.
8. SEL Soundness Ordinance Art.2-2(iii).
Financial Instrument and Exchange Act of Japan no.25.
9. Vien ngdn ngQ hpc, Tu diin tiing Vi$t, Nxb. Dd Ndng, 2003.
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